Fannie Mae’s First Look program is offered to promote homeownership and neighborhood stabilization. It’s intent is to provide these buyer types a period of time, before investors, to purchase a home in order to strengthen our communities.
The First Look program provides owner occupants, NSP (Neighborhood Stabilization Programs), and some not-for-profit organizations the opportunity to have a priority to place offers on foreclosed properties typically during the first 20 days a property is listed. This exclusive opportunity for these groups to make an offer and purchase a newly listed foreclosed property provides these groups the chance to avoid investor competition. In addition to listings on Realtor listing services, Fannie Mae properties are available for review on Fannie’s listing site HomePath.com with a countdown clock indicating the amount of time left on the “First Look” for these select potential buyers.
Fannie Mae’s definition of owner occupant buyers.
Owner occupants are those buyers that will occupy the property as their principal residence within 60 days of closing and will maintain their occupancy for at least 1 year. Owner-occupant purchasers are required to sign an Owner Occupant Certification as a rider to the Real Estate Purchase Addendum. A buyer purchasing in the name of a trust, purchasing as a vacation/part-time residence, or purchasing so another person or relative can live in the property will typically be considered an investor and not eligible during First Look.